Uber Technologies Inc. (UBER) posted a $2.9 billion loss in the first quarter as the coronavirus pandemic curtailed demand for ridership.The ride-hailing company said the $2.9 billion loss included a $2.1 billion pretax writedown of the value of some of Uber’s minority investments. Excluding the writedown, Uber posted a loss of 64 cents per share, compared with analysts’ expectations of an 88-cent loss. Total revenue in the first three months increased 14% to $3.54 billion year-on-year.“While our Rides business has been hit hard by the ongoing pandemic, we have taken quick action to preserve the strength of our balance sheet, focus additional resources on Uber Eats, and prepare us for any recovery scenario,” said Uber CEO Dara Khosrowshahi. “Along with the surge in food delivery, we are encouraged by the early signs we are seeing in markets that are beginning to open back up.”Khosrowshahi said that although rides bookings were down...
Insider buying can be an encouraging signal for potential investors.A red-hot cult stock saw a beneficial owner adding to its stake this week.Some insiders were making purchases in the wake of earnings reports.Conventional wisdom says that insiders and 10% owners really only buy shares of a company for one reason -- they believe the stock price will rise and they want to profit. So insider buying can be an encouraging signal for potential investors, particularly during periods of uncertainty.Insiders continued to add shares despite overall market volatility and global economic gloom. Here are some of the most noteworthy insider purchases reported in the past week.Peloton Interactive A 10% owner of Peloton Interactive Inc (NASDAQ: PTON) added 150,000 shares of this fitness products provider to its stake. At a per-share price of $33.40, that totaled almost $5.01 million. This same beneficial owner also purchased 50,000 shares back in April.Analysts are bullish on...
Avianca Holdings SA, Latin America's second-largest airline, filed for Chapter 11 bankruptcy on Sunday, as a bond payment deadline loomed and after unsuccessfully pursuing emergency aid from Colombia's government to survive the coronavirus crisis. Avianca estimated liabilities between $1 billion to $10 billion in a filing with the U.S. Bankruptcy Court for the Southern District of New York. "Avianca is facing the most challenging crisis in our 100-year history," CEO Anko van der Werff said in a press release....
Germany is working on a "concrete model" to aid Lufthansa, Economy Minister Peter Altmaier said on Sunday, amid a political row over whether the state should take a strategic shareholding and play an active role in the stricken airline. Altmaier's comments followed calls by the Social Democratic Party, junior partners in Chancellor Angela Merkel's ruling coalition, to tie aid for Lufthansa to protecting jobs, cutting the dividend and giving the government a say on strategy....
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